Prusik Asian income fund gears up to hard-close

The Prusik Asian Equity Income fund has reached $50m in size and its first share class is closing to new investment.

The fund, offered by Heather Manners' (pictured) Asian equity boutique, will be hard-closed at $100m. On 30 March the group intends to launch the main fund class which charges a performance fee of 10% of the any returns above a high watermark. “In order to justify a performance fee, we will need to produce returns which are significantly better our competition, and we need to restrict the size of the fund so that we can do this,” said manager Tom Naughton. “We have imposed a cap on the size of the fund of between $300m and $500m. If, when we reach $300m in assets, we feel we cannot...